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🥁 Why Are Bitcoin ETFs Bullish for Crypto?

Five applications in a week, Fed Chair likes Bitcoin, and how to trade with AI!

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The BEN Team
June 22, 2023

Read time: 4 minutes

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🥁 Why Are Bitcoin ETFs Bullish for Crypto?

The crypto markets are up this past week as a wave of notable asset managers with varying AUMs (assets under management) have filed for spot Bitcoin ETFs.

  • BlackRock, $10 trillion AUM, filed on June 15. They were the first to file in this recent wave and kicked off a flurry of other asset managers to file as well.

  • Bitwise, $1.2 billion AUM, filed on June 16th, after having been rejected in 2022.

  • WisdomTree, $93 billion AUM, filed on June 20th. They previously tried and were rejected in 2021 and 2022.

  • Invesco, $1.49 trillion AUM, filed on June 21st, after trying in 2021.

  • Valkyrie, $1 billion AUM, filed on June 21st. They successfully launched a bitcoin futures ETF on Nasdaq in 2021.

Why all the fuss now, especially with all of the previous rejections? Well, because of BlackRock. BlackRock is the world’s largest asset manager, and their ETF applications have only been rejected once.

The SEC has rejected every spot Bitcoin ETF thus far, but they have approved some futures bitcoin ETFs. Why? Because, according to them, the Bitcoin price can still be manipulated. But in a futures contract, traders agree on a price to buy/sell on a later date, so they don’t need to know the actual price of Bitcoin when the time is up. Thus it is “not” as susceptible to market manipulation.

The need for a spot Bitcoin ETF is clearer than ever. US investors that aren’t savvy enough to hold Bitcoin themselves have instead needed to trust startups like FTX, Celsius, BlockFi, and Voyager as custodians, and are now unsecured creditors after those companies went bankrupt.

Having more and easier ways for more traditional investors to safely invest in Bitcoin could open the floodgates for many new entrants. It would increase liquidity and reduce price volatility, making Bitcoin even more attractive for everyone else.

Even if this wave of spot Bitcoin ETFs are rejected (firms have been applying since 2013!), it’s clear institutional interest is here and that they will keep trying until they are approved!

Meme Break 😌

Trending News 🗞️

  1. FIFA has filed 9 more Metaverse trademark applications as part of its “WE ARE” campaign. Can they bring the Metaverse back before the next World Cup?

  2. Bitcoin price spikes to $138k on Binance.US. Don’t get excited, it’s because of the low liquidity after many traders have left the exchange.

  3. UK government moves forward on financial markets bill for potential regulation of crypto. This could help bring more crypto adoption.

  4. University of Nicosia introduces world’s first MSc in Metaverse. The classes will be hosted inside the Metaverse as well!

  5. BlackRock may have found way to get SEC approval for a Spot Bitcoin EFT. Experts think they have a better chance of getting approved due to their “surveillance-sharing agreement”.

  6. Atomic Wallet gives major update on hack but questions remain unanswered. Some estimate $100 million in losses, but they don’t know what caused it yet.

  7. Fed Chair Powell says Bitcoin has “staying power” as an asset class. Finally a recent positive statement about crypto from the government!

  8. Three Arrows Capital founders launch new VC fund. After filing for bankruptcy last year and disappearing for some time.

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